Anatomy of a Run: The Terra Luna Crash

This is the data and code replication package for the paper "Anatomy of a Run: The Terra Luna Crash" (Liu, Makarov, and Schoar; Journal of Financial Economics). It reproduces every figure and table in the paper and its Internet Appendix, documenting the May 2022 collapse of the Terra/Luna stablecoin system (UST and LUNA), the Anchor protocol deposit flows that preceded it, the dynamics of the run, and the earlier May 2021 de-pegging episode. The package is self-contained. The data/ folder ships the minimal processed inputs each exhibit reads: series derived from the public Terra Classic blockchain, public CoinGecko price and market-cap series, author-created address labels, and minimal acknowledged extracts from commercial providers (Kaiko, Flipside, Nansen). All analysis is in Python; code/run_all.py regenerates every exhibit in a few minutes on a laptop. The README documents software versions, run order, and a full mapping of each output to its script and data source, and Datasets.md gives per-file, per-column provenance. Code is released under the MIT License; data and generated exhibits under CC-BY-4.0. When reusing, please cite the paper and credit the third-party data providers named in the acknowledgments.